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Causes and possible consequences of the end of U.S. dollar excusivity on oil markets
Zukerstein, Jaroslav ; Kozák, Kryštof (advisor) ; Svoboda, Karel (referee)
The United States are today the most indebted country in the world. However, they do not face the distrust of financial markets as some European countries. Washington, until now, could afford rapidly growing and de facto risk-free debt thanks to the exclusive position of the U.S. dollar on oil markets and the petrodollar recycling system. With the implementation of the new common European currency, however, the dominant position of the dollar on oil markets came to the end, important oil producers, including OPEC members, turned away from the U.S. currency, so the sustainability of the current, unusually favorable system for the Americans, is questionable. Bachelor thesis entitled Causes and possible consequences of the end of U.S. dollar exclusivity on oil markets reflects the unprecedented influence of the United States in the international monetary system which they controlled through the oil business, it presents the risks and benefits of petrodollar recycling, it analyzes the effects of changes on oil market, it assess the importance of oil bourses that explicitly reject the U.S. dollar and in the conclusion, on the basis of information and experience from the era when the dollar was backed with oil, it answers the question whether this system, maintained by force and controversial alliances,...
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The Macroeconomic Impacts of the Selected Oil Shocks in the United States of America
Šikulová, Markéta ; Johnson, Zdenka (advisor) ; Tajovský, Ladislav (referee)
The aim of this study is to analyze macroeconomic impacts of four selected oil shocks on the United States economy and their subsequent comparison. The first part of this study deals with the theoretical background of supply shock, its influence on the economy, and the possible responses of economic policy. Furthermore, in the first part I focus on the historical events that led to the oil crisis, specifically on the OPEC oil embargo imposed on the United States, production cuts caused by the Iranian revolution, Iran-Iraq War and Persian Gulf War and on the demand as well as the supply factors that led to the oil shock of 2007-2008. The second part of this study presents the specific impacts of four selected oil shocks on the US economy and their comparison. Based on the findings, it was possible to confirm the hypothesis saying that past oil shocks, especially those that took place in the 1970's, had more negative impacts on the United States economy in comparison with those that happened more recently. In other words, that the effects of changes in oil prices have lessened over time. There are many reasons of this moderation, but the most important ones include more effective monetary policy response, the decrease in wage rigidities, and more recently also the decline of United States dependency on imported oil.
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World Trade in Crude Oil
Benešová, Nela ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
This master´s thesis deals with trade with crude oil and its impact on the world economy. Everyone, who wants to start to trade with crude oil, should find out basic terminology and information about crude oil that is characterized in the first chapter. The hunt for oil started many years ago, therefore the history is also mentioned in this master´s thesis. The second chapter focuses on the world trade with crude oil. Territorial structure and trade flows are described in this part of the master´s thesis. Nevertheless, the crude oil also has an impact on the world economy and economies of single states. The third chapter analyses states, where the inhabitants live beyond means of people from other countries but these states are so depended on crude oil that if this trade stopped, these countries would go bankrupt. However, there are also exceptions. Even though, there are states that have huge sources of crude oil, they still have to deal with financial problems. The forth chapter characterizes the trade with crude oil of the Czech Republic because it is a net importer of crude oil and the last chapter focuses on new trends in crude oil such as shale oil and trading at a crude oil market.
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Current trends on the crude oil market
Zahradník, Tomáš ; Čajka, Radek (advisor) ; Bolotov, Ilya (referee)
This thesis assesses and describes two main current trends appearing at the crude oil market, specifically re-entry of Iran back to the crude oil market after termination of economic sanctions and current oil glut. First part of this thesis is devoted to the crude oil as resource, it focuses mainly on the history, formation and mining of crude oil. Second part of this thesis focuses on the international trade with crude oil. It analyses data regarding reserves, production, consumption, export and import of crude oil, as well as it describes the OPEC organization. Third part is devoted to the organization of the market with crude oil and describes three main motives of entering to the crude oil market. There are analyzed current trends on the crude oil market in the last part of this thesis.
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Impact of changes in crude oil prices on world economy
Tóth, Tomáš ; Pavelka, Tomáš (advisor) ; Adámek, Petr (referee)
In theoretical part are written main information about the crude oil. In the first part can be found description of historical facts that influenced the exploitation of crude oil. Also we can find information about where we can find the most important deposits, what affects crude oil prices and on which classes is crude oil devided. Practical part of the bachelor´s thesis is devided into two articles. The first article is analytical, where by statistical and econometric calculations demonstrate the impact of changes in crude oil price on particular states. In the second part I search for changes in the price of crude oil and its impact on the various markers. At the end of practical part is described the current situation on crude oil market in the two last years. At the close of thesis is a list of tables, figures and graphs.
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Teorie her a její aplikace v globálním ropném průmyslu
Šťastný, Kryštof ; Hořejší, Bronislava (advisor) ; Makovský, Petr (referee)
This thesis will enable the reader to see how applications of game theory can help understand the development in oil market. Firstly, the thesis will introduce to the reader the foundations of game theory, a branch of microeconomics studying strategic interaction. Special focus will be put on the theory of oligopoly, the most important collusive and non-collusive models of oligopoly and their similarities and differences. Secondly, the thesis will show the reader how these theoretic models can be applied to the past development within the global oil industry, most prominently on the Organization of the Petroleum Exporting Countries. Finally, the thesis will present possible applications of game theory and some of the models to the oil market after the price decrease which started in 2014. This would help the reader assess the potential outcomes of the current crisis and possible development in the future.
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Crude Oil World Market - Current Trends and Prices Development
Talian, Peter ; Vošta, Milan (advisor) ; Neumann, Pavel (referee)
The crude oil phenomenon has always been a big issue and the current situation does not prove different. Crude oil as a commodity is indisputably considered as one of the most utilized energy source as well as production input which enters into economic processes in the vast majority of countries over the world. The aim of this masters thesis is to provide a detailed description and analysis of the crude oil world market. Furthermore it not only gives a characteristics of the commodity and its energy use it also defines the market and its participants crude oil pricing crude oil trading and it also provides an analysis of the world oil demand as well as supply.The purpose of this masters thesis is among other to thoroughly analyze the crude oil prices development and introduce the contemporary trends present on the market. In the latter part of this thesis there will be a crude oil prices time series modelled and probable future price direction outlined. Moreover the thesis will reflect on the current oil prices drop with its possible effect on world economy.
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The Yom Kippur War and the mediation of the USA in this conflict
Kopečná, Pavlína ; Havlová, Radka (advisor) ; Matějka, Zdeněk (referee)
The object of this work is an analysis of the Arabic-Israeli conflict known as the Yom Kippur war and the mediative involement of the USA in this conflict. The name of the war is based on the Yom Kippur festival which was held just on that day when the surprising attack against Israel started. From the theoretical point of view the work will explain the terms of mediation and war in connection to a settlement of conflict. Using this theoretical stem I will try to analyse the war mentioned above and the mediation role of the USA. The main question I want to answer is whether the USA took this part in the Yom Kippur war just because of the oil embargo imposed on all allies of Israel by the Arabic member states of the OPEC organization in 1973 or not. The result of the analysis will be presented in the conclusion of this work.
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World oil market
Batryn, Maria ; Hinčica, Vít (advisor) ; Němečková, Iveta (referee)
In my bachelor thesis I deal with the situation on the world oil market. The aim is to get closer to the historical and current data of world oil consumption, its supplies and prices, and to outline the future state of the market and also to study alternative energy sources that could replace the currently widely used fossil fuel. To analyse world oil market I have used statistical reports, which are issued annually by the world important world organizations such as OPEC or IEA. Carried out research work is in progress to assess the current supply and demand for oil and at the same time it is estimated the possible scenario in the future oil trading. Biofuels and hydrogen are highlighted among the renewable sources which surely will play a major role in the coming years in search of other alternatives to oil and in which conceals a lot of potential. The view of this work is the outlook of the other years in terms of oil consumption and price trends and approaches the issue of alternative energy sources. Although they promise a bright future for these resources in the form of a reduction of our dependence on oil, research in this field has still many unresolved issues.
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The effect of the oil price shock in 1973 on the real GDP of the United states
Dobrovolný, David ; Stroukal, Dominik (advisor) ; Chytilová, Helena (referee)
The goal of this paper is to analyze the effect of the oil price shock in 1973 on the real GDP of the United states. Theoretical part includes existing results of other works that also analysed the relationship and shows detailed outlook at the oil shocks issue. I verify the issue using two methods: fixed effects model using ordinary least squares and instrumental variables. Based on the results of my analysis I deny hypothesis that oil price supply shock in 1973 had statistically significant effect on the real GDP of the United states. Thus, conclusion of this paper presumes that oil price shock in 1973 was not responsible for the crisis that emerged in the United states right after the oil embargo.
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